In recent years, Artificial Intelligence (AI) has benefited from colossal investment – reaching the $500 billion mark worldwide in 2023[1] – which has led to major breakthroughs and the development of foundation models like ChatGPT. The potential contribution of AI to the global economy is estimated to reach $15.7 trillion in 2030.[2] The ever-increasing use of AI in diverse areas such as healthcare, financial services, and retail has emphasized the need for controlling potential risks and abuses, leading to the development of AI-specific legislative and regulatory frameworks. With its Artificial Intelligence Act (AI Act), the European Union aims to be a front-runner in this regard.
In particular, the European Union Artificial Intelligence Act is one of the leading AI regulations in the world and aims to establish an ethical framework to ensure that organizations consider the impact of their AI systems on people, other businesses, environments, and many other aspects of our lives. Much like the GDPR, the EU AI Act has the potential to set global standards for the positive use of AI in our daily lives.
KPMG helps organizations to develop a clear vision of their business principles and create a governance framework to ensure that their use of AI technology is aligned with their values.
